When you are new to the world of crypto, this space may overwhelm you. Some factors that advanced traders consider a no-brainer like the crypto lingo, deciding on the right investment, coming up with a crypto portfolio, knowing whether crypto trading is legal in your state, the best bitcoin brokers and exchanges available, and sorting them out to find the best exchange to buy cryptocurrency; can prove to be such an overload.
In this post, we will be telling you everything you need to know about how to buy cryptocurrencies instantly in the United States of America. We will walk you through the universal simple buy process for most crypto exchanges and brokerages and highlight some of the reasons you too should join millions across the country who have already invested in cryptocurrencies.
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Start by identifying the best crypto trading platform. Create a Bitcoin investment account with them by completing the registration form provided and verify your identity by sending them a copy of your driver’s license. It takes a few minutes to create an account and a few days to have the identity verified.
Log in to your verified crypto account and deposit funds. Most of the exchanges we will highlight below are quite versatile and process one of the widest range of payment methods from PayPal, eWallets like Skrill, credit/debit cards, ACH transfers, and bank wire.
They also have relatively low minimum deposits – starting from $15. They also have fast deposit/withdrawal processing times ranging from instantaneous to a few days.
Once the funds reflect in your Bitcoin investing account, choose cryptocurrency, Bitcoins, or the rest of the altcoins that you would like to buy. Depending on the crypto exchange, click on the instant buy option, create a buy market order, or a limit order.
Decide on how much you want to spend and click to buy. The crypto assets purchased will be delivered to your exchange wallet from whence you can move them to a third-party hardware wallet (highly recommended) or wallet app.
The crypto exchange is to the crypto investor what the Nasdaq or NYSE is to the stock trader, a platform where they can buy and sell and sell digital assets like Bitcoins and other cryptocurrencies. It is an online marketplace where you can buy and sell crypto with fiat or other cryptocurrencies.
Like the stock exchange, crypto exchanges have the singular role of linking crypto buyers to sellers and providing them with a platform where they can exchange their digital assets. Some have the instant buy option and sell cryptocurrencies to you directly while most let you enter into the market or limit orders to be filled by other buyers and sellers. For the troubles, the exchange maintains a transaction fee, either in the form of spreads or a brokerage commission.
Note that there are three types of exchanges available today:
Centralized exchanges refer to digital crypto marketplaces that are created by an individual or group of individuals and have centralized management. They are government-like traditional companies and often have to be registered in the jurisdictions in which they operate either as financial companies or investment services providers. They are also the most common and readily available facilitating both fiat-to-crypto and crypto-to-crypto exchanges.
Commonly referred to as DEXs, decentralized exchanges are digital asset marketplaces that don’t have a central authority/governing body controlling their operations. In place of a management team, decentralized exchanges employ automated processes to match buyers and sellers.
Most decentralized exchanges are established on the Ethereum blockchain and Binance Smart Chain where they leverage the smart contract technology to facilitate the crypto exchange service. The lack of management and central authority translates to incredibly low transaction fees.
Note: Most are pure crypto exchanges and you will therefore need to exchange your fiat cash for supported crypto elsewhere before you can start buying and selling Bitcoins and altcoins here.
The hybrid crypto exchange combines the features of both centralized and decentralized exchanges. They seek to combine the liquidity and customer support functionality of the centralized exchange with the low fee and anonymity features of the decentralized exchange. It, therefore, refers to an exchange with a central governing body but still utilizes the smart contract technology in facilitating trades.
Both the crypto exchanges and crypto brokerages are digital marketplaces where buyers and sellers meet to exchange digital assets like Bitcoins. But while crypto exchanges specialize in trading actual cryptocurrencies, most brokerages will only list crypto derivatives like CFDs or futures and options contracts.
Now that you understand how to buy crypto coins as well as the different types of exchanges from whence you can buy them, it’s time to look at the four most popular crypto investment strategies.
Buy and hold is a classic investment strategy that, as the name suggests, involves buying and holding on to virtual assets indefinitely. In this case, you are buying a cryptocurrency with the intent of holding on to it for a long time, possibly adding it to your retirement plan. It is informed by an unwavering faith in the cryptocurrency and the crypto industry and the conviction that the coin’s value will perpetually rise.
The biggest advantage of the buy and sell strategy is that it sets you up for massive gains when the coin’s value rises steadily, plus you get to avoid the risks that come with active trading. Its downfall, on the other hand, is that there is no guarantee that either the cryptocurrency or even the crypto industry is sustainable and that it won’t be crashed by legislation and negative publicity from the mainstream media.
Trading crypto in California or any other part of the country involves buying the digital currency at a low price and selling it for a premium when its price increases. You could choose to be a day trader who opens multiple traders throughout the day, scooping tiny profits with each order or a swing trader who buys a digital asset at a relatively low price (often at the base of a trend) and rides it for days or months to sell it at peak prices and before the trend reverses.
One of the key benefits of crypto trading is that there is potential for massive profitability when done right. Further, active traders are able to minimize their losses as they exit a position as soon as it starts making losses, unlike long-term investors who stand to lose big by working on the belief that a coin’s prices will always rebound. The biggest risk to crypt trading is posed by the crypto market’s unpredictability which makes it virtually impossible to correctly predict a coin’s next move.
After buying Bitcoins or other cryptocurrencies, you may choose to stake them with a Decentralized Finance (DeFi) app or program and earn interest or other crypto rewards. These apps and protocols then put your staked digital assets to use by lending them to other traders/investors or using them to confirm and verify transactions on Proof of Stake (PoS) blockchain networks. Different programs have different reward schemes and how much you make from crypto trading is typically dependent on how much you have invested and the program’s interest rates.
The primary advantage of staking Bitcoins and other crypto is that you get to earn doubly – the interest from crypto staking and value appreciation of the cryptocurrency during the staking period. The downside to crypto staking is that most platforms don’t have fixed interest rates and the few that do have relatively interest rates. Further, there is limited transparency in the creation and running of these programs, which exposes investors to possible rug pull scams.
Mining lets you earn free bitcoin and other cryptocurrencies when you contribute computing power towards verifying and confirming transactions on a blockchain network that uses the Proof of Work consensus algorithm. We place it here as one of the cryptos investing strategies because even though it doesn’t involve buying bitcoin and other cryptos, you will still need to invest significantly in mining hardware that lets you go solo or participate in a mining pool.
The advantage of mining is that you get to lay hands on highly valuable coins like Bitcoins for ‘free.’ Additionally you can easily shift from mining one crypto to another should its valid dip. The downside is that the investment capital needed to acquire mining hardware can be quite restrictive.
Before looking at the 5 best exchanges to buy Bitcoin in the US, we first need to highlight some of the factors that every crypto investor must put into consideration when vetting crypto trading platforms.
There has been a lot of talk about the Joe Biden administration looking to regulate the crypto industry in the country but nothing has been forthcoming yet. At the moment, there is no federal regulation relating to cryptocurrencies. Much of the control on how the citizenry interacts with Bitcoins and other cryptocurrencies have been to both the states and financial regulatory agencies ’ interpretation. And this explains the lack of a unified definition of what qualifies to be categorized as cryptocurrency, also known as digital assets, virtual currencies, digital tokens, or crypto.
The IRS for instance refers to cryptocurrencies as ‘Virtual Currencies’ and defines them as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value [and] does not have legal tender status in any jurisdiction.”
Alongside other federal agencies and policy-making institutions as the CFTC, FTC, FinCEN, and OCC, and the SEC, IRS has been quite receptive to the new technology. Most of these agencies have praised cryptocurrency technology and their approach has also been hugely positive thus far.
At the state level, state governments have taken hugely diverse approaches to crypto technology. Some have been hugely receptive to crypto and blockchain technology and are banking on it to help spur technology growth within their jurisdictions. Ohio, Colorado, Wyoming, and Oklahoma, for instance, have passed favorable crypto regulations that legitimize the use of crypto either as a medium of exchange or investment product. A few, like Iowa, have taken offense to the digital currencies and banned the use of crypto within their political borders.
In the rest of the states that haven’t pronounced their stand on the matter, crypto traders and investors are operating within the grey areas of the law.
Today, crypto exchanges support a wide range of payment methods that you can use to buy cryptocurrencies. But before we look at the most common ways to buy Bitcoin in the US, we first need to highlight a few reasons why you too should consider investing in digital currencies.
According to a study by Cornerstone Advisors, 15% of American adults owned Bitcoin and other cryptocurrencies in 2020 with more than half of these having been acquired in the first half of the year. So, why should you also consider buying Bitcoin and crypto?
Now that you understand why you too should also be investing in cryptocurrencies, let us look at some of the most common ways of buying cryptocurrencies in San Francisco, Washington D.C, and across the country.
A 2020 consumer choice survey by the Federal Reserve Bank of Atlanta reported that 97% of consumers (Americans above the majority age) have owned one type of payment card. A majority of crypto exchanges available in the US, including eToro, process card deposits, which makes credit/debit cards payments one of the most popular ways of buying cryptocurrencies among traders/investors.
Most crypto trading platforms won’t impose a transaction processing fee for your deposits. Neither will they have a withdrawal-processing fee, save for eToro that charges $5 for every withdrawal. In this case, you only have to pay the variable payment processing fees charged by your card provider.
There are two primary ways of buying Bitcoin with PayPal. The most straightforward involved logging in to your PayPal wallet and using your PayPal balance to buy supported cryptocurrencies like Bitcoin, Litecoin, and Ethereum, and Bitcoin Cash (Note that this is not available in Hawaii).
You could also choose to buy other cryptocurrencies with PayPal but on the crypto exchange. In this case, you will first need to identify an exchange – like eToro – that supports PayPal deposits, create an account and fund it using PayPal, and use this balance to buy Bitcoins. Most of these exchanges don’t charge a deposit or withdrawal processing fees.
As is the case with PayPal, Skrill lets crypto enthusiasts in 37 states buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin (in collaboration with Coinbase). CashApp also lets crypto enthusiasts in virtually every part of the country buy and sell Bitcoins with their Cash App balances.
But in addition to buying virtual assets directly on these eWallets, you could also use them to deposit funds into an exchange where you could buy and interact with a wide range of cryptocurrencies. They too don’t attract deposit processing fees.
Most banks across the country will let you deposit funds into a crypto exchange account where you can buy cryptocurrencies. With ACH payments, both the deposits and withdrawals are almost instantaneous. But with wire transfers, you will have to wait for a few days (often between 3 and 7 days) before the funds reflect in your trading account. Unlike eWallets, cards, and PayPal payment methods, however, Bank deposits call for relatively higher minimum deposit amounts.
Virtually all the registered and regulated exchanges in the country will require you to verify your identity before buying crypto, especially when making significant purchases. But there are a few ways through which you could buy Bitcoins anonymously in the US. The most common is making small purchases on a Bitcoin ATM. You can also buy Bitcoin anonymously on eToro, but the maximum you can deposit before verifying your identity is $2250.
There is no standard limit on how much or how little you can invest in Bitcoin or any other cryptocurrency. Rather, how much you need to invest in these virtual assets is a personal decision and limits set by your preferred crypto exchange.
In most instances, the minimum investment amount will be determined by your preferred exchange. Binance and Coinbase, for instance, have set a minimum trading limit of $1 and $2 respectively. The maximum you can invest in Bitcoins will, on the other hand, be influenced by such factors as your crypto trading experience, disposable income at hand, risk tolerance, and crypto investment strategy.
Nevertheless, most crypto experts advise everyone to convert between 5% and 30% of their investment portfolio to digital assets.
A 2019 study by YouGovAmerica concluded that more than 81% of Americans were familiar with at least one cryptocurrency and more than 75% had heard about Bitcoins. Accessibility to these cryptocurrencies has also improved tremendously in the recent past as more home-grown trading platforms launched and international ones established a local presence.
The most common crypto trading platforms where you could buy crypto in New York or Florida today include crypto exchanges, peer-to-peer crypto exchanges, and over-the-counter exchanges.
Crypto exchanges are often classified into fiat-to-crypto platforms that let you buy digital assets with the fiat currency (USD) and crypto-to-crypto exchanges where you can only buy one digital currency with another.
Peer-to-peer trading platforms allow you to buy/exchange digital assets from your peers in your city physically or online for interstate transactions, while over-the-counter exchanges let you buy cryptocurrencies outside of the highly regulated exchanges.
As is the case with virtually any other part of the world, you can buy actual crypto assets or trade their derivatives. Unlike most other jurisdictions, some crypto derivatives like CFDs are banned federally, implying that you can only trade such other derivatives as futures and options contracts and crypto Trusts.
Ready to buy some crypto? Let’s now look at some of the best exchanges to buy cryptocurrency in the US.
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eToro (eToro USA LLC) is an established crypto assets trading platform. It is best known for its social and copy trading features that let beginner investors earn as they earn and professionals earn a commission when they share winning investment strategies with the eToro community. The exchange has also been hailed for its highly intuitive trading platform, which is easy to interact with for both beginner and professional crypto investors.
Though eToro was established in 2007, it only started operations in the US in 2018. Here, it started as a Bitcoin exchange but has over time, welcomed more cryptocurrencies and currently lets you buy and sell 20+ of the most popular digital assets.
These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), Uniswap (UNI), Stellar Lumens (XLM), Ethereum Classic (ETC), Iota (MIOTA), Dash (DASH), EOS (EOS), Neo (NEO), Binance Coin (BNB), Tron (TRX), Tezos (XTZ), Maker (MKR), Compound (COMP), Dogecoin (DOGE), Algorand (ALGO), Aave (AAVE), Decentraland (MANA), Yearn. Finance (YFI), Shuba Inu (SHIB), Spark (FLR), Polygon (MATIC), Basic Attention Token (BAT), and Enjin (ENJ).
As of October 2021, eToro crypto investing services are available in 45 States and is only restricted in New York, Hawaii, Minnesota, and Puerto Rico. Such interest groups as members of the US army are also prohibited from trading on the platform.
The account registration process on eToro is rather fast and straightforward and only requires minimal personal details and identity verification. The platform also maintains relatively low minimum deposit and trading limits, at $50 and $25, respectively. You also have the option of choosing between three crypto trading options, including trading on your own, copy trading (copying trading strategies for professional traders), and Copy portfolio (copying successful crypto portfolios traded on the exchange).
Other benefits of buying crypto assets on eToro include access to a wide range of educational content. You also have access to highly advanced trading, analysis, and risk management tools. Importantly, eToro your deposits of up to $250,000 are also insured with the FDIC.
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Headquartered in San Francisco, California, Coinbase is one of the oldest and most reputable exchanges in the country. It is also one of the most accessible crypto exchanges seeing that it is available in all states, except Hawaii. It started as a Bitcoin-only trading platform but has over the last few years onboarded more than 50 other digital currencies and tokens.
Some of the most popular coins that you can buy and sell on Coinbase include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Bitcoin Cash (BCH), Ethereum Classic (ETC) and Cardno (ADA).
Visit our comprehensive Coinbase review to view all the cryptocurrencies supported on the exchange.
Currently one of the largest and most liquid crypto exchanges in the country, Coinbase was created in 2012 by Brian Armstrong, a former Airbnb engineer, and Fred Ehrsam, a former Goldman Sachs trader. Unlike most other exchanges that prefer self-regulation of the blockchain industry, Coinbase is pro-regulation and has subjected itself to oversight by such federal financial regulatory agencies as the SEC. This eased its nationwide acceptance and created the launchpad for its eventual listing with Nasdaq in April 2021, making it the only publicly traded crypto exchange in the world.
The process of creating a Bitcoin trading account on Coinbase is rather quick and straightforward. It is wholly only online and starts with completing a user registration form on the Coinbase website and verifying your identity. Once the account is approved, deposit a minimum of $1 via such supported deposit/withdrawal methods as PayPal, credit/debit cards, Bank Account (ACH), bank wire transfer, and Apple Pay.
The trading fees on Coinbase are highly variable and dependent on such factors as your preferred payment method, the order size, and other variables like liquidity and crypto market volatility.
Like eToro, Coinbase provides crypto custody services and stores digital assets on behalf of their clients (98% in cold wallets and 2% in insured hot wallets). But if you don’t want the company holding on to your virtual assets, you could use its free non-custodial mobile wallet app that encrypts the private keys and stores them in the root storage of your phone.
Note: On 24 August 2021, a lot of Coinbase mobile wallet app users reported that hackers had compromised their vaults and drained their cryptocurrency holdings.
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Uphold is an international digital money platform that allows you to store multiple currencies and cryptocurrencies, send money in real time and make exchanges between fiat and cryptocurrencies. They currently provide a debit card that is available to US residents which can be used globally (with various limitations) on any major credit/debit card accepting ATM or POS terminal.
Clients can choose between any of the 60 cryptocurrency assets available on the platform. They include;
The registration process with Uphold is a bit longer when compared to most exchanges. However, they don’t need any phone number verification. They don’t charge any fees for wire transfers but they will charge you around 3% or more depending on the type of cryptocurrency you are buying.
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Coinmama is less of a cryptocurrency exchange and more of an instant buying platform. Unlike the conventional exchange that will in most instances let you buy and sell cryptocurrencies from/to other crypto investors in an open crypto market, Coinmama sells cryptos directly to their clients.
Similarly, unlike in an exchange where you can sell the digital assets bought on that platform, Coinmama will only buy back Bitcoins, despite the fact that it supports 10 crypto assets. This implies that while you can buy Bitcoin, Bitcoin Cash, Ethereum, Cardano, Dogecoin, Ethereum Classic, Tezos, Litecoin, Chainlink, and Uniswap on Coinmama, the platform can only buy BTC from you. You need to join another exchange to sell any other coin bought on Coinmama.
Coimama maintains a rather straightforward account registration and verification process. There are four verification stages on the platform and your maximum crypto trade limits are determined by your verification stage. The minimum order amount, however, starts from $30 and some of the supported payment methods include bank cards, Apple Pay, Google Pay, and FedWire.
Coinmama doesn’t charge a deposit fee but maintains a fixed 5% transaction fee for all crypto purchases. Additionally, Coinmama doesn’t provide wallet services and will, therefore, ask that you first acquire a digital wallet before you initiate a buy order on the platform.
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Kraken’s website describes its platform as “one of the largest and oldest Bitcoin exchanges in the world.” It then goes on to list some of the factors that make it one of the best places to buy virtual currencies in the USA. These include excellent customer support, versatile funding options, and completive trading fees.
But these aren’t the only reasons we feature Kraken among what we consider the best cryptocurrency trading platforms. Key among these is the fact that it has never been hacked, despite having been around for more than a decade. We also appreciate its highly intuitive and beginner-friendly crypto trading platform and its extended list of 50+ supported cryptocurrencies.
Popular cryptocurrencies that you can buy and sell on Kraken include Bitcoin (BTC), Ripple (XRP), Litecoin (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Polkadot (DOT), Monero (XMR), Dogecoin (DOGE), and Cardano (ADA).
The process of creating and verifying a user account on this platform is also quite straightforward. As is the case with Coinmama, Kraken maintains four verification stages that go a long way in determining your crypto trading limits. You can deposit a minimum of $1, and the supported payment methods are Bank ACH, bank cards, Swift, FedWire, SEN, and Etana Custody.
If you are using the Kraken instant buy platform, the exchange will charge you 0.9% if buying stable coins and 1.5% if buying any other cryptocurrency – in addition to the deposit charged by your payment processing company.
There is no deposit fee on Kraken and they charge a withdrawal fee that depends on the blockchain and currency (bitcoin withdrawals cost 0.0005 BTC and Ethereum withdrawals are free). Kraken also charges a 3.75% + €0.25 fee for credit and debit card payments.
Note that Kraken can store the digital assets on your behalf on your in their offline digital wallets. Unlike such other exchanges as Coinbase or eToro, Kraken does not offer personalized crypto storage services like mobile wallet apps.
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Although Binance launched crypto trading services in late 2017, Binance.US only started operations in September 2019. It set up a base in San Francisco, California, and went on to become one of the most popular and liquid exchanges in the country. In the two years that the exchange has been around it has extended its services to 43 U.S states.
It has expanded its reach and currently supports more than 50 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Binance Coin (BNB), Solana(SOL), Polygon (MATIC), Chainlink (LINK), and Uniswap (UNI).
Check out our comprehensive Binance review to view all the cryptocurrencies supported by the exchange.
Some of the factors that helped further its rapid expansion and acceptance include the company’s solid reputation, highly intuitive trading platforms (both web and phone), and the security guarantee seeing that Binance.US has never been compromised. Plus atop the $250,000 investor deposit provided by the FDIC, Binance.US covers all user accounts for up to $500,000 via their in-house insurance scheme.
But over and above these, we feature Binance.US here because of its ultra-low trading fees. The exchange maintains a highly transparent maker-taker fee structure where the transaction charge is dependent on your trading volume for the last 30 days. The fee for high volume traders may drop to $0.1 and everyone is eligible for a 25% discount on fees if they settle this charge using BNB coins.
Importantly, Binance.US sped up the account registration and verification process and approves the account in the shortest time possible. The minimum deposit is set at $10 but you can start buying Bitcoins and cryptocurrencies with as little as $1 regardless . Supported payment methods include debit cards, bank ACH, bank wire transfer, and direct cryptocurrency deposits.
Cryptocurrency exchanges and instant buy platforms present you with a straightforward way of acquiring Bitcoin and other digital currencies. But you don’t always have to buy digital assets. There are several other ways through which you can acquire cryptocurrencies and here are the four most common.
Faucets are websites and other online platforms that reward you with Bitcoins or other cryptocurrencies when you complete micro-tasks These tasks range from clicking on affiliate links, completing captcha, completing surveys and puzzles, watching videos, reviewing apps, or even playing online video games.
Bitcoin and most other cryptocurrencies using the proof of work consensus algorithms like Ethereum, Litecoin, Bitcoin Cash, Dogecoin, ZCash, Monero, and Ravencoin are minable. You get to earn free crypto when you contribute computing power to transaction verification and confirmation on their blockchain networks. To start mining these cryptocurrencies, however, you will need to start by investing in proper mining hardware – typically GPUs.
You could also get to own Bitcoins and other cryptocurrencies when you receive them as gifts or tips from friends, family, or acquaintances. Creatives and online service providers can also receive Bitcoin and other cryptocurrencies as tips when they add wallet addresses and crypto gift jars on their online platforms.
Another common alternative method of acquiring Bitcoins and other cryptocurrencies would be to start accepting these digital assets as payments for goods and services. Whether it is a one-time sale or you run a merchant store, you will easily receive payment in digital currency from the more than 14% of Americans who already own cryptocurrencies.
Now that we have gone over the different ways through which you can acquire Bitcoins and other Cryptocurrencies exhaustively, it is now time to look at how you could put these virtual assets into use.
At the moment, more than 36% of small to medium enterprises in the country support Bitcoin and other crypto payments. The number of Americans willing to accept Bitcoins and popular cryptos as payment for goods and services is also on a steady rise. After acquiring Bitcoins and crypto, you could choose to use them to pay for goods and services.
The number of not-for-profit and non-governmental institutions accepting Bitcoins and other cryptocurrency donations has also been on a steady rise. You, therefore, could help advance different humanitarian and environmental conservation causes by donating crypto to a charitable organization.
If you are looking to grow your wealth, you could simply start trading these cryptocurrencies. But as we explained earlier in this article, you first need to amass crypto trading experience by trading with virtual cash before you can start trading with real crypto coins.
You could also choose to grow your portfolio by investing in Bitcoin. And as we explained earlier in the article, you can simply buy and hold these digital assets in a secure hardware wallet. Alternatively, you could deposit this investment in a staking program within the DeFi environment and earn interest or other rewards.
At the moment, a lot of debates have sprouted around the state of cryptocurrencies in the United States. From the security of crypto investments, proposed crypto regulations by the Biden Administration, crypto exchange and other trading platform reviews, and the viability of crypto as a long-term investment, everything crypto is discussed here.
In some instances, news about developments within the crypto space that have gone on to have a significant impact on crypto markets have been broken on Reddit. Even the meme currency culture that led to the mass uptake of Dogecoins, and the popping up of equally meme-influenced tokens like Shiba Inu, Floki, Baby Doge, that have gone to attain accumulate multi-billion dollar market capitalizations can be traced to US crypto investors/traders on Reddit.
American Reddit users have also played a key role in educating each other on how to maintain the security of their crypto investments. Here, they review different crypto wallets and experts post about wallets everyone needs to avoid as well as emerging crypto scams and how to avoid them.
The discussions on Quora about the state of cryptocurrencies in the USA mirror much of what is discussed on Reddit. Nothing is out of topic on the platform as questions about every aspect of investing or investing in crypto assets are asked on the platform. From how to buy digital currencies in the USA to how to keep your crypto assets secure as well as queries around the legality of cryptocurrencies in the US.
At the moment, questions about the security of crypto coins in the USA dominate the platform. A large group of Quora users is also interested in dissecting the sustainability of cryptocurrencies in the country.
The responses to most of these questions are overwhelmingly helpful. You can also read a lot of optimism about the future of crypto in the US from these responses.
There are numerous crypto trading platforms (from peer-to-peer networks, exchanges, and brokerages) from whence you can buy Bitcoin and cryptocurrencies in the USA. And in this post, we have highlighted what we consider the best Bitcoin exchanges for both beginners and professionals and institutional crypto investors.
We have also told you what factors you need to consider when choosing a crypto exchange platform and gone over some of the reasons you too would want to invest in cryptocurrencies.
If you still have found a good exchange for you, go through our features platforms again. Take note of their features, look at the Bitcoin buying process on each platform, check their deposit and trading minimums, look at their pros and cons, and then register with the one that appeals most to you.
Yes, Bitcoins and other cryptocurrencies are legal in the USA and are recognized as legit investment products. Though there still isn’t strong federal legislation about these virtual assets, different federal regulatory agencies and state governments have come up with policies and guidelines that seem to authorize the use of crypto in the country.
You can use any of the websites mentioned above depending on your personal preference. If you live in the USA, Coinbase and Coinmama are good choices because they allow transactions with bank accounts and debit cards.
You need to start by creating and verifying a crypto trader account with any of the websites mentioned hereinabove. Deposits funds into this account and proceed to use the exchange’s instant buy platform to buy Bitcoins instantly or their order book to place a market or limit order.
Yes, any income generated from trading and/or investing in Bitcoins and other cryptocurrencies in the US is subject to capital gains tax. This follows a tax directive by the IRS that classified virtual assets as “property,” the same category and stocks.
Yes, you can buy such cryptocurrencies as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with your PayPal balance, directly on your PayPal account. Most of the exchanges we have featured in this guide will also let you make a PayPal deposit that you can use to buy a wider range of cryptocurrencies and tokens.
Yes. But at the moment, you can only Bitcoins with your Cash App balance directly on the application.